APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/youdao-inc" target="_blank" data-smartkarma-citation="entities:28315:1" rel="noopener">Youdao (DAO US)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/netease-inc-adr" target="_blank" data-smartkarma-citation="entities:17203:1" rel="noopener">Netease Inc (Adr) (NTES US)</a>, is looking to raise US$300m in its upcoming U.S. IPO. 
At its core, Dao is an online education company offering courses via live stream format. It also offers learning apps, tools and smart devices to help students with their learning process.
Revenue grew by an impressive 60.5% and 67.7% YoY for FY2018 and 6M 2019 respectively due to higher gross billings per paid student enrollment and average total MAUs.
But margins have been declining. The company's operating losses have been widening while conversion rate worsened even though the company has been focusing on increasing student enrollment.

Youdao (DAO US), a subsidiary of Netease Inc (Adr) (NTES US), is looking to raise US$300m in its upcoming U.S. IPO. 
At its core, Dao is an online education company offering courses via live stream format. It also offers learning apps, tools and smart devices to help students with their learning process.
Revenue grew by an impressive 60.5% and 67.7% YoY for FY2018 and 6M 2019 respectively due to higher gross billings per paid student enrollment and average total MAUs.
But margins have been declining. The company's operating losses have been widening while conversion rate worsened even though the company has been focusing on increasing student enrollment.

Youdao, Inc (有道) Pre-IPO - Weak Conversion Rate Is a Worry

China

Youdao, Inc. develops and markets mobile internet applications. The Company provides language translation applications, personal cloud applications, e-commerce shopping applications, and other related products. Youdao also develops investment related applications.

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Youdao, Inc. (DAO US)

Youdao, Inc (有道) Pre-IPO - Weak Conversion Rate Is a Worry

Youdao (DAO US), a subsidiary of Netease Inc (Adr) (NTES US), is looking to raise US$300m in its upcoming U.S. IPO. At its core, Dao is an online...

Zhen Zhou, Toh

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